Karachi, Dec 16: The Executive Committee of the Federation of Euro-Asian Stock Exchanges (FEAS) formed a Task Force on Corporate Governance, which would be led by Mr Moin M. Fudda, Managing Director of Karachi Sock Exchange (KSE).

The 12th Executive Committee meeting of FEAS is presently under progress in Istanbul, Turkey. A press release issued by the KSE on Thursday said that the Committee acknowledged the major initiatives taken in Pakistan for improvement of governance standards in corporate sector.

FEAS comprises 28 stock exchanges from Europe & Asia, including KSE. The Executive Committee is represented by 12 members. It is responsible for development of Federation policies, making major administrative decisions, as mandated by the General Assembly, approving content and scope of tasks assigned to the working groups/task forces and making recommendations to the General Assembly. Membership in the Federation is open to emerging stock exchanges of Europe and Asia.

The KSE statement said that while reviewing the performance of member exchanges, the Executive Committee commended performance of Pakistani capital markets, especially of KSE and acknowledged the series of reforms implemented on the initiative of Securities and Exchange Commission of Pakistan, which resulted in improving the image of country's stock exchanges and enhanced investor confidence.